IDACORP (NYSE:IDA) Earns Neutral Rating from Analysts at Bank of America

Bank of America assumed coverage on shares of IDACORP (NYSE:IDA) in a research note released on Thursday morning, MarketBeat reports. The brokerage issued a neutral rating and a $110.00 price objective on the energy company’s stock.

A number of other analysts also recently commented on the stock. Morgan Stanley boosted their price target on shares of IDACORP from $94.00 to $102.00 and gave the stock an equal weight rating in a research report on Friday, August 23rd. Wells Fargo & Company raised their target price on IDACORP from $98.00 to $106.00 and gave the company an equal weight rating in a research note on Friday, August 2nd. Finally, Mizuho upped their price target on shares of IDACORP from $88.00 to $99.00 and gave the company a neutral rating in a report on Thursday, May 16th. One analyst has rated the stock with a sell rating and six have given a hold rating to the company. According to data from MarketBeat, the company currently has an average rating of Hold and an average target price of $101.50.

IDACORP Stock Performance

IDA stock opened at $103.51 on Thursday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.17 and a current ratio of 1.55. The stock’s fifty day moving average is $99.83 and its two-hundred day moving average is $95.33. The stock has a market capitalization of $5.51 billion, a price-to-earnings ratio of 20.79 and a beta of 0.60. IDACORP has a 1 year low of $86.43 and a 1 year high of $105.24.

IDACORP (NYSE:IDA) last released its quarterly earnings results on Thursday, August 1st. The energy company reported $1.71 earnings per share for the quarter, beating analysts’ consensus estimates of $1.37 by $0.34. IDACORP had a return on equity of 9.16% and a net margin of 15.04%. The company had revenue of $451.04 million for the quarter, compared to analysts’ expectations of $420.56 million. During the same quarter in the previous year, the company posted $1.35 earnings per share. On average, research analysts predict that IDACORP will post 5.41 EPS for the current year.

IDACORP Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Monday, August 5th were given a $0.83 dividend. The ex-dividend date was Monday, August 5th. This represents a $3.32 annualized dividend and a dividend yield of 3.21%. IDACORP’s dividend payout ratio (DPR) is presently 66.67%.

Institutional Trading of IDACORP

Large investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP increased its holdings in shares of IDACORP by 50.3% in the 4th quarter. Wellington Management Group LLP now owns 1,634,463 shares of the energy company’s stock valued at $160,700,000 after purchasing an additional 546,818 shares during the period. Victory Capital Management Inc. increased its position in IDACORP by 1.7% in the 2nd quarter. Victory Capital Management Inc. now owns 1,445,991 shares of the energy company’s stock worth $134,694,000 after purchasing an additional 23,925 shares during the last quarter. Nuance Investments LLC raised its stake in shares of IDACORP by 19.0% during the 2nd quarter. Nuance Investments LLC now owns 1,114,475 shares of the energy company’s stock worth $103,813,000 after purchasing an additional 178,294 shares in the last quarter. First Trust Advisors LP lifted its holdings in shares of IDACORP by 0.9% during the 4th quarter. First Trust Advisors LP now owns 761,621 shares of the energy company’s stock valued at $74,883,000 after buying an additional 7,008 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of IDACORP by 7.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 693,327 shares of the energy company’s stock valued at $64,583,000 after buying an additional 47,527 shares in the last quarter. 89.10% of the stock is owned by institutional investors and hedge funds.

About IDACORP

IDACORP, Inc, together with its subsidiaries, engages in the generation, transmission, distribution, purchase, and sale of electric energy in the United States. The company operates 17 hydropower generating plants located in southern Idaho and eastern Oregon; three natural gas-fired plants in southern Idaho; and interests in two coal-fired steam electric generating plants located in Wyoming and Nevada.